Que. 1 : Q1) According to modern view, cost of production provides only partial indemnity and that market value would provide real indemnity. Say whether True or False.
1. a) True
2. b) False
Que. 2 : Q2) Under the principle of Contribution, Calculate the Claim payable by each Policy of Total Claim admissable?
1. a) X =Rs.3,000 , Y = Rs.7,000, Total = Rs.10,000
2. b) X =Rs.6,000 , Y = Rs.4,000, Total = Rs.10,000
3. c) X =Rs.5,000 , Y = Rs.5,000, Total = Rs.10,000
4. d) X =Rs.2,000 , Y = Rs.8,000, Total = Rs.10,000
Que. 3 : Q3) The stock at manufacturers’ premises may consist of:
1. a) Raw materials
2. b) Stock-in-progress
3. c) Financial goods
4. d) All of the above
Que. 4 : Q4) What mean “escape from its normal confines of a body of water due to a rise in its level, or due to the breaking of barriers retaining it”?
1. a) Fire
2. b) Explosion
3. c) Flood
4. d) Lightning
Que. 5 : Q5) According to ___________, if there is under-insurance, that is, if the sum insured under the policy is less than value of the property on date of loss, the amount of loss payable will be proportionately reduced.
1. a) Non-current policies
2. b) Concurrent policies
3. c) Pro-rata average condition
4. d) Partial condition